梅花生物（600873）：25H1盈利水平显著提升，出海战略稳步推进

Investment Rating - Investment rating is maintained as "Buy" [2] Core Views - In H1 2025, the company achieved operating revenue of 12.28 billion yuan, a year-on-year decrease of 2.87%, while net profit attributable to shareholders reached 1.768 billion yuan, an increase of 19.96% year-on-year [5][6] - The decline in revenue was offset by a significant reduction in raw material costs and increased sales volume, leading to a notable improvement in profitability [6] - The company completed the acquisition of Kyowa Hakko Bio's amino acid and HMO businesses, enhancing its product matrix and expanding its overseas production bases [8][9] Financial Performance - For Q2 2025, the company reported operating revenue of 6.012 billion yuan, a year-on-year decrease of 2.34%, and a net profit of 749 million yuan, a year-on-year increase of 3.76% [7] - The average price of key products such as lysine and valine experienced declines, impacting revenue, but the overall sales volume remained stable [7] - The average price of corn, a core raw material, decreased by 6.78% year-on-year, contributing to improved margins [6] Future Outlook - The company is expected to achieve net profits of 3.448 billion yuan, 3.627 billion yuan, and 3.934 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 25.8%, 5.2%, and 8.5% [10] - The projected P/E ratios for the next three years are 9, 9, and 8 times, indicating a favorable valuation [10]